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Nonprofiteer
← NORTON PROPERTIES INC

Form 990 for tax year 2022

Filed by NORTON PROPERTIES INC.

Totals

Total revenue
$61,245,122
Total expenses
$73,863,181
Contributions and grants received
$696
Grants paid
$0
Program service revenue
$61,971,592
Investment income
-$741,242
Other revenue
$14,076
Total assets, end of year
$367,229,995
Total liabilities, end of year
$435,483,193
Net assets or fund balances, end of year
-$68,253,198
Program services expenses (Part IX)
$72,780,150
Management and general expenses
$1,083,031
Fundraising expenses
$0
Program service expenses (Part III)
$72,780,150

Program services were 98.5% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1d · Related organizations

    $696

  • 2a · Program service revenue: RENTAL INCOME

    total $61,661,481 · related or exempt $61,661,481

  • 2b · Program service revenue: PARKING INCOME

    total $310,111 · related or exempt $310,111

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    other assets $12,531,770

  • 7b · Less cost or other basis and sales expenses

    other assets $13,273,012

  • 7c · Gain or loss

    securities $0 · other assets -$741,242

  • 7d · Net gain or loss

    total -$741,242 · excluded -$741,242

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $14,076 · related or exempt $14,076

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $14,076

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $1,342,387 · program services $1,177,356 · management and general $165,031

  • 8 · Pension plan contributions

    total $183,315 · program services $160,779 · management and general $22,536

  • 9 · Other employee benefits

    total $188,420 · program services $154,322 · management and general $34,098

  • 10 · Payroll taxes

    total $241,809 · program services $213,069 · management and general $28,740

  • 11g · Fees: other

    total $2,425,151 · program services $2,363,912 · management and general $61,239 · fundraising $0

  • 13 · Office expenses

    total $111,199 · program services $109,613 · management and general $1,586

  • 16 · Occupancy

    total $45,230,879 · program services $45,230,879

  • 17 · Travel

    total $721 · program services $154 · management and general $567

  • 20 · Interest

    total $3,647,147 · program services $3,647,147

  • 22 · Depreciation, depletion and amortization

    total $12,506,417 · program services $12,506,417

  • 23 · Insurance

    total $256,043 · program services $256,043

  • 24a · Other expenses: ALLOCATED SUPPORT

    total $4,735,629 · program services $3,977,928 · management and general $757,701

  • 24b · Other expenses: REPAIRS AND MAINTENANCE

    total $2,723,416 · program services $2,721,761 · management and general $1,655

  • 24c · Other expenses: COURIER EXPENSES

    total $19,804 · program services $19,804

  • 24e · All other expenses

    total $250,844 · program services $240,966 · management and general $9,878 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $200 · end of year $200

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,009,767 · end of year $172,120

  • 10a · Land, buildings and equipment: cost or other basis

    $193,759,439

  • 10b · Land, buildings and equipment: accumulated depreciation

    $49,631,493

  • 10c · Land, buildings and equipment, net

    beginning of year $156,002,024 · end of year $144,127,946

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $217,497,095 · end of year $222,929,729

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,104,984 · end of year $2,457,806

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $428,039,241 · end of year $433,025,387

  • 27 · Net assets without donor restrictions

    beginning of year -$55,635,139 · end of year -$68,253,198

Mission and programs · 2022

Mission

Norton Properties, Inc. (Properties) owns properties that are used to support the charitable health care purposes of Norton Healthcare, Inc. (NHC), primarily of Norton Hospitals, Inc. (Hospitals), Community Medical Associates, Inc. and NHC. Properties owns medical office buildings that are leased by physicians on the medical staff of Hospitals. It also leases office space and parking facilities for the convenience of NHC employees, physicians of the medical staff of Hospitals, and guests.

  • Building and Parking Rental - Maintain office and parking facilities near the Norton Healthcare, Inc., Norton Hospitals, Inc., and Community Medical Associates, Inc. hospital, diagnostic, and practice locations for use by physicians, patients, patients' families and guests, and hospital employees.

    Expenses $72,780,150 · Revenue $61,985,668

As filed on the 2022 return.

Listed in Part VII

  • Rick Guillaume

    Chair Emeritus (partial year)

    Total calculated
    $0
    Hours/week
    0.5 + 3 related

  • Russell F Cox

    President & CEO/Trustee

    Total calculated
    $4,959,205
    From this org
    $0
    From related orgs
    $4,778,102
    Other
    $181,103
    Hours/week
    2 + 48 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,381,929 related
    Bonus
    $0 + $850,949 related
    Other
    $0 + $2,545,224 related
    Deferred
    $0 + $144,894 related
    Nontaxable benefits
    $0 + $36,209 related
    Filer's total
    $0 + $4,959,205 related

  • Barry Pennybaker

    Trustee

    Total calculated
    $2,000
    From this org
    $0
    From related orgs
    $2,000
    Other
    $0
    Hours/week
    0.5 + 3 related

  • Brendan Canavan

    Trustee (partial year)

    Total calculated
    $0
    Hours/week
    0.5 + 3 related

  • Craig D Grant

    Trustee

    Total calculated
    $2,000
    From this org
    $0
    From related orgs
    $2,000
    Other
    $0
    Hours/week
    0.5 + 5 related

  • David Craig

    Trustee

    Total calculated
    $2,000
    From this org
    $0
    From related orgs
    $2,000
    Other
    $0
    Hours/week
    0.5 + 4 related

  • Donald H Robinson

    Trustee

    Total calculated
    $0
    Hours/week
    0.5 + 6 related

  • Edie Nixon

    Chair

    Total calculated
    $2,000
    From this org
    $0
    From related orgs
    $2,000
    Other
    $0
    Hours/week
    0.5 + 15 related

  • Erwin Roberts

    Trustee

    Total calculated
    $2,000
    From this org
    $0
    From related orgs
    $2,000
    Other
    $0
    Hours/week
    0.5 + 3 related

  • G Hunt Rounsavall Sr

    Trustee

    Total calculated
    $2,000
    From this org
    $0
    From related orgs
    $2,000
    Other
    $0
    Hours/week
    0.5 + 6 related

  • Gail Lyttle

    Trustee

    Total calculated
    $2,000
    From this org
    $0
    From related orgs
    $2,000
    Other
    $0
    Hours/week
    0.5 + 3 related

  • Gary L Stewart

    Vice-Chair (partial yr)

    Total calculated
    $2,000
    From this org
    $0
    From related orgs
    $2,000
    Other
    $0
    Hours/week
    0.5 + 7 related

  • Gregory E Mayes

    Trustee

    Total calculated
    $2,000
    From this org
    $0
    From related orgs
    $2,000
    Other
    $0
    Hours/week
    0.5 + 7 related

  • James L Sublett MD

    Trustee

    Total calculated
    $2,000
    From this org
    $0
    From related orgs
    $2,000
    Other
    $0
    Hours/week
    0.5 + 3 related

  • Judge Denise Clayton

    Trustee

    Total calculated
    $2,000
    From this org
    $0
    From related orgs
    $2,000
    Other
    $0
    Hours/week
    0.5 + 3 related

  • Lee K Garlove

    Trustee

    Total calculated
    $2,000
    From this org
    $0
    From related orgs
    $2,000
    Other
    $0
    Hours/week
    0.5 + 4 related

  • Maria Hampton

    Trustee

    Total calculated
    $2,000
    From this org
    $0
    From related orgs
    $2,000
    Other
    $0
    Hours/week
    0.5 + 4 related

  • Maria L Bouvette

    Trustee

    Total calculated
    $2,000
    From this org
    $0
    From related orgs
    $2,000
    Other
    $0
    Hours/week
    0.5 + 3 related

  • Martha K Heyburn MD

    Trustee

    Total calculated
    $2,000
    From this org
    $0
    From related orgs
    $2,000
    Other
    $0
    Hours/week
    0.5 + 3 related

  • Rev William J Schultz

    Trustee

    Total calculated
    $2,000
    From this org
    $0
    From related orgs
    $2,000
    Other
    $0
    Hours/week
    0.5 + 5 related

  • Richard R Ivey

    Trustee

    Total calculated
    $2,000
    From this org
    $0
    From related orgs
    $2,000
    Other
    $0
    Hours/week
    0.5 + 3 related

  • Richard S Wolf MD

    Chair Emeritus

    Total calculated
    $2,000
    From this org
    $0
    From related orgs
    $2,000
    Other
    $0
    Hours/week
    0.5 + 3 related

  • Rita Hudson Shourds EdD

    Trustee

    Total calculated
    $0
    Hours/week
    0.5 + 3 related

  • Ronald Lehocky MD

    Trustee

    Total calculated
    $2,000
    From this org
    $0
    From related orgs
    $2,000
    Other
    $0
    Hours/week
    0.5 + 5 related

  • Sue Davis EdD RN

    Trustee

    Total calculated
    $2,000
    From this org
    $0
    From related orgs
    $2,000
    Other
    $0
    Hours/week
    0.5 + 3 related

  • Adam Kempf

    Sr VP, CFO/Treasurer

    Total calculated
    $1,218,022
    From this org
    $0
    From related orgs
    $1,039,507
    Other
    $178,515
    Hours/week
    2 + 49 related

    Schedule J breakdown matched by us

    Base
    $0 + $617,611 related
    Bonus
    $0 + $278,616 related
    Other
    $0 + $143,280 related
    Deferred
    $0 + $144,879 related
    Nontaxable benefits
    $0 + $33,636 related
    Filer's total
    $0 + $1,218,022 related

  • Michael W Gough

    Exec VP and COO

    Total calculated
    $1,967,687
    From this org
    $0
    From related orgs
    $1,834,089
    Other
    $133,598
    Hours/week
    2 + 48 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,006,097 related
    Bonus
    $0 + $501,896 related
    Other
    $0 + $326,096 related
    Deferred
    $0 + $101,573 related
    Nontaxable benefits
    $0 + $32,025 related
    Filer's total
    $0 + $1,967,687 related

  • Robert B Azar

    Sr VP Chief Legal Officer/Secretary

    Total calculated
    $1,206,275
    From this org
    $0
    From related orgs
    $1,116,031
    Other
    $90,244
    Hours/week
    2 + 49 related

    Schedule J breakdown matched by us

    Base
    $0 + $577,778 related
    Bonus
    $0 + $257,754 related
    Other
    $0 + $280,499 related
    Deferred
    $0 + $74,695 related
    Nontaxable benefits
    $0 + $15,549 related
    Filer's total
    $0 + $1,206,275 related

  • Mark Spivey

    Dir, Properties

    Total calculated
    $156,836
    From this org
    $117,212
    From related orgs
    $0
    Other
    $39,624
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $97,878
    Bonus
    $10,546
    Other
    $8,788
    Deferred
    $9,834
    Nontaxable benefits
    $29,790
    Filer's total
    $156,836

  • Scott L Stanton

    Dir, Property Planning & Mgmt

    Total calculated
    $150,274
    From this org
    $113,317
    From related orgs
    $0
    Other
    $36,957
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $99,375
    Bonus
    $10,546
    Other
    $3,396
    Deferred
    $7,531
    Nontaxable benefits
    $29,426
    Filer's total
    $150,274

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 4b · Supplemental nonqualified retirement plan
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Schedule J, Part I, Line 3 Arrangement used to establish the top management official's compensation
NORTON HEALTHCARE INC (NHC) EIN 61-1028725 IS THE PARENT ORGANIZATION FOR NORTON PROPERTIES, INC. AND THEREFORE ESTABLISHES COMPENSATION FOR THE CEO, OFFICERS AND KEY EMPLOYEES THROUGH ENGAGING WITH THE EXECUTIVE COMMITTEE OF NHC; AN INDEPENDENT COMPENSATION CONSULTANT; REVIEW OF OTHER ORGANIZATION'S FORM 990; WRITTEN EMPLOYMENT AGREEMENTS; THIRD PARTY COMPENSATION SURVEYS AND APPROVAL BY THE EXECUTIVE COMMITTEE AND BOARD. SEE NARRATIVE IN SCHEDULE O, REFERENCING PART VI, LINE 15 WHICH FURTHER DESCRIBES THE PROCESS FOR DETERMINING COMPENSATION FOR THE ORGANIZATION.
Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
THE FOLLOWING INTERESTED PERSONS PARTICIPATED IN OR RECEIVED PAYMENT FROM SUPPLEMENTAL NONQUALIFIED RETIREMENT PLANS AS DESCRIBED IN IRC SECTION 457(F). THE INTERESTED PERSONS BELOW MAY HAVE PARTICIPATED IN ONE OR MORE OF THE FOLLOWING PLANS: THE EXECU-PLUS BENEFIT PLAN, DEFINED BENEFIT AND DEFINED CONTRIBUTION RESTORATION PLANS, AND THE PHYSICIAN DEFERRED PLAN. THE "PAY CREDIT" OUTLINED BELOW REPRESENTS A REASONABLE ESTIMATE OF THE ANNUAL INCREASE IN ACTUARIAL VALUE OF THE PLANS; AND THEREFORE, REPRESENTS THE ORGANIZATION'S CONTRIBUTION TO THE VALUE OF THE BENEFITS. NAME - PAY CREDIT Russell F. Cox - $117,699 Michael W. Gough - $74,682 Robert Azar - $54,258 Adam Kempf - $125,316 THE "PAYMENT RECEIVED" OUTLINED BELOW REPRESENTS CASH PAYMENTS THAT THE EMPLOYEE RECEIVED DURING 2022 AND CAN BE COMPRISED OF CURRENT AND OR PRIOR YEARS EMPLOYEE AND EMPLOYER CONTRIBUTIONS. NAME - PAYMENT RECEIVED Russell F. Cox - $2,156,367 Michael W. Gough - $178,379 Robert Azar - $228,616 Adam Kempf - $115,476
Schedule J, Part I, Line 7 Non-fixed payments
In 2022, Norton Healthcare, Inc. (NHC) had in place a Variable Compensation Plan for Executives, eligibility under which extended to employees holding a full-time position as Senior Officer, Officer, System Director or other designated Director level position. Under the plan, a variable compensation pool amount is approved by the Board of Trustees. Each participant's performance is evaluated relative to the goals and objectives documented as part of the participant's plan; and an award is determined for the participant, based on achievement of the goals and objectives, subject to the funding of the variable compensation pool. At the end of each year, the Committee on Executive Compensation and Benefits determines an appropriate award for the NHC's President & Chief Executive Officer, and the President & Chief Executive Officer recommends appropriate awards for other senior executives to the Committee on Executive Compensation and Benefits for its review and approval.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • Norton Enterprises Inc

    C Corporation · Invests in Partnerships that provide medical services · KY

    Directly controlled by Norton Healthcare Inc

Provenance

Return type
form_990
Tax year
2022
Filed
13 November 2023
IRS schema version
2022v5.0
Source object
202333179349300148

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